OTP submits binding bid for Zepter Bank
Monday, February 27, 2006, 10:46
OTP Bank Rt submitted on Friday a binding bid for the purchase of at least 80% an up to 100% of the shares of Serbia's Zepter Bank, OTP Bank announced on the website of the Budapest Stock Exchange (BÉT).
OTP Bank said it submitted the bid after its acquisition team, together with its legal and auditor companies, carried out due diligence at the bank, which is 100% privately owned. Zepter Bank had total assets of Euro 76.7 million at the end of 2005, according to unaudited figures, giving it almost 1% of the Serbian market. The bank operates 17 branches. OTP Bank already owns one small bank in Serbia and Montenegro: Niska Bank, which it purchased in December 2005. Serbia and Montenegro plays a key role in OTP Bank’s foreign bank acquisition strategy, therefore the bank is examining further worthy acquisition possibilities in the country, the statement said.